Anyone know about inheritance tax?

[fortheloveofgod7654]

Hello. Separated from ex. He owns half the house still.
The house deeds state "tenants in common".
My will stipulates everything to go to our children, nothing to the ex.
My question is, how would inheritance tax work in that case if the house was kept by my ex for him and the kids to use?
And how would it work if he sold it?
Thanks for your help!

You need to say where you are. Scottish law is very different, for example.

And the value of the property and any other assets.

For tenants in common, if you die your share will pass to whomever is named in your will. So if you make a will naming your children as sole beneficiaries they will get the share.

I think the threshold is £325,000 and then tax would be due.

In addition to your personal allowance of £325k, you’re entitled to a residential nil rate band allowance of £150k, rising to £175 next April.

Yes, as Soon says the children get your share but if they are under 18 that is held in trust for them until they are 18. Perhaps make sure your will makes it clear who the trustees are eg a sibling of yours.

If your half (assuming 50% shares - some people specify different percentages) is worth under the IHT threshold (see mc's post just above) then there is no IHT. Your husband (or partner - not sure if you are married) would inherit nothing but would keep his half whichi s outside your estate so no IHT as not your property - although in England he may be able to make claims on your half of the estate if you have been supporting him etc but that is for him and the children's legal advisers to argue over after you die (in the very unlikely event you do die early)